The FTSE 100 index was 0.35% higher at 7,048.96 in early trading despite the release of official statistics indicating that Britain’s economic growth in July was significant below expectations.
Growth of 0.1% in July compared to a consensus estimate of 0.6%. Growth was inhibited by the proliferation of the Delta variant that prevented many workers for being able to participate in the labour market.
Significantly the largest sector of the British economy, the services sector was flat while Industrial output increased by 1.2%.
US markets were weak with the Dow Jones Industrials, S&P 500 and Nasdaq Composite all closing lower.
However Asian markets struck a firmer note overnight, with the Nikkei 225, Hang Seng Index, and Shenzhen Component all ending the sessions in positive territory.
COMPANY NEWS
Cinema operator Cineworld (CINE), announced that it will pay a sum of $170m to dissenting shareholders of Regal Entertainment Group. The shares were trading 4.8% lower at 62.68p.
Restaurant operator Fulham Shore (FUL) published a trading update for the three weeks up to September 5th. Revenues have increased by 27% compared to the equivalent period in 2019.
The owner of the Franca Manca and The Real Greek Chains has opened two additional Franca Manca restaurants and one additional Real Greek outlet this year. This brings the total number of restaurants to 75. The shares were trading 6.8% higher at 19.4p.
Shares in precision measurement specialist Spectris (SXS) were 0.8% higher at £40.37 after announcing that it is starting the final tranche of its share repurchase programme for a maximum amount of £200 million.
European logistics property owner Tritax Eurobox (EBOX) has agreed terms for a new sustainable logistics development in the Rhine-Ruhr region of Germany.
The company has also revealed plans for a £170 million placing at 111.5p per share. The proceeds will be used to acquire a pipeline of Euro 520 million of logistics assets in Continental Europe. The shares were 1.39% lower at 113.4p
Air quality solution specialist Volution (FAN) has completed the acquisition of heat exchanger cells manufacturer Energy Recovery Industries for a consideration of Euro 23.4 million. The shares were flat at 551p.
Clinical stage biotherapeutics company PureTech Health (PRTC), announced that the US Food and Drug Administration has received fast track approval for its acute myeloid leukaemia treatment Vor Biopharma. The shares were 0.09% higher at 341.3p.
A list of FTSE 100 index movers can be seen HERE
